Friday, December 20 10:42:45
A site in Bray, Co Wicklow that was valued at E100m during the boom has been bought by the local Council for E1.95m.
Bray Town Council purchased the site of the proposed Florentine Shopping Centre off the town's Main Street.
The deal for the site between Quinsboro Road and Florence Road was concluded with Grant Thornton on Wednesday.
Grant Thornton were appointed receivers for Bank of Scotland (Ireland) on January 25 of 2013 to assets owned by Florentine Properties Limited, a company formerly controlled by Sean Mulryan's Ballymore Properties.
"This is a great day for the town," said Cathaoirleach of Bray Town Council, Cllr Tracy O'Brien. "This project has been beset by problems from the start and the site has been regarded as a hole in the centre of the town for more than 10 years.
"Hopefully the town can now move on and a sustainable development plan can be put in place to benefit all citizens."
The Florentine Centre was expected to open its doors to the public in the autumn of 2006 and included plans for almost 100 apartments, 25 retail outlets and 600 parking spaces.
"I greatly welcome the purchase of this site," said Des O'Brien, Town Manager of Bray. "As an organisation, Bray Town Council now hopes to work with any interested parties to develop the site into an amenity that has both social and economic benefits to the town."